Employees Are Responsible for Beneficiary Designations

The federal Employees' Group Life Insurance Act of 1954 (KEGLIA) establishes an S824 billion program providing low-cost life insurance for hundreds of thousands of federal employees. It allows an employee to name a beneficiary of life insurance proceeds, and specifies an "order of precedence" providing that the employee's death benefits accrue first beneficiary ahead of other potential recipients. In 1996, when he was one of those federal employees who could … [Read More...]